Northeast

STATE ELECTRIC CORP. ACQUIRES FLEX BUILDING FOR $1.2M IN BEDFORD

by admin February 25, 2013

BEDFORD, MASS. — State Electric Corp. has purchased an 18,000-square-foot flex building for $1.2 million in Bedford. The property, which is located near Route 3 and I-95, is a single-story industrial building with office space on a 2.6-acre site. The Stubblebine Co./CORFAC International represented State Electric Corp. and the seller, Bill Callahan, in the deal. State Electric Corp. is a full-service electrical construction company that provides electrical construction services throughout Eastern New England.

February 25, 2013

THREE-STORY, MIXED-USE BUILDING SELLS FOR $1.2M IN NEW JERSEY

by admin February 25, 2013

MORRISTOWN, N.J. — A three-story, mixed-use building has sold for $1.2 million in Morristown. The 5,000-square-foot property, which is located at 28 W. Park Place, includes two commercial units with office space on the top floor. A restaurant is leasing the ground-floor unit. The upper floors were vacant at the time of sale. New York City-based Massey Knakal arranged the sale.

February 25, 2013

Industrial Northeast

MATRIX TO DEVELOP 350,000 SF BUILD-TO-SUIT FACILITY FOR MCKESSON

by admin February 25, 2013

ROBBINSVILLE, N.J.— Matrix Development Group, has plans to develop a 350,000-square-foot, build-to-suit facility for McKesson Corp, in Robbinsville. The facility will be located within Matrix Business Park, some 40 miles northwest of Philadelphia. The building will include 317,585 square feet of climate-controlled warehouse space, 32,445 square feet of office space, 25 loading docks and parking for 220 cars. The facility is slated for completion in April. McKesson is a national U.S. pharmaceutical distributor and healthcare information technology company.

February 25, 2013

Industrial Northeast

PRATT SIGNS LEASE FOR 115,000 SF OF INDUSTRIAL SPACE IN MUHLENBERG, PA.

by admin February 25, 2013

MUHLENBERG TOWNSHIP, PA. — Pratt Corrugated Holdings Inc. has signed a 10-year lease for 115,000 square feet of industrial space in Muhlenberg Township, located about 60 miles northwest off Philadelphia. The industrial building is situated within the Route 61 Distribution Center owned by Brasler Properties. Pratt is a national recycled paper and packaging company.

February 25, 2013

Market Reports New York Northeast Market Reports

2013: The End of the Wait-and-See Office Market in NYC?

by admin February 25, 2013

We We ended 2012 with a “wait-and-see” New York City office market, a predicament common to other cities and commercial real estate sectors across the U.S. With elections, the fiscal cliff and 2012 behind us, we expect 2013 to be a bit of a transition year with moderate growth, but it will still be interesting to observe and be a part of one of the world’s most dynamic markets as Midtown, Midtown South and Downtown evolve and historic developments such as the World Trade Center continue to take shape. In terms of tenant activity, Midtown South is still the biggest story. Midtown South vacancy closed the year at 7.9 percent, with average asking rents of $49.69 per square foot, while the submarket’s Class A space was 5.2 percent vacant with average asking rates of $62.57 per square foot. With Google and its $2 billion New York City headquarters at 111 Eighth Ave., Midtown South’s Silicon Alley has emerged as the East Coast hot spot for tech and social media tenants that are drawn to the city’s media and financial agglomerations and talent pool. Though Midtown and Midtown South offer a different vibe and, generally, different types of office inventory, owners …

February 25, 2013

Northeast Retail

VORNADO COMPLETES $390M FINANCING FOR 666 FIFTH AVENUE

by admin February 22, 2013

NEW YORK CITY — Vornado Realty Trust has completed a $390 million loan for its retail condominium, located at 666 Fifth Ave. in New York City. The 10-year, interest-only loan carries 3.6 percent. The net proceeds from the financing were approximately $387 million. Vornado acquired the property in December for $707 million

February 22, 2013

Civic Northeast

TUTOR PERINI WINS BID CONTRACT FOR ISLAND ROAD BRIDGE REPLACEMENT

by admin February 22, 2013

NEW YORK CITY — Tutor Perini Corp. was listed by the New York City Department of Transportation as the low bidder and the winner for the $102.7 million contract to replace the City Island Road Bridge over Eastchester Bay. The project includes the construction and removal of a temporary bridge and approach roadways, demolition of the existing bridge structures, construction of a single steel tower cable-stayed bridge with private utilities and landscape improvements. The new bridge will be the first cable-stayed bridge built in New York. Work is expected to begin this April with substantial completion expected by July 2016.

February 22, 2013

Mixed-Use Northeast

THOR EQUITIES PURCHASES SIX-STORY APARTMENT BUILDING FOR $17.2M

by admin February 22, 2013

NEW YORK CITY — Thor Equities has acquired 57-63 Greene Street, a 13,854-square-foot retail condominium for $17.2 million in New York City. The six-story building is located between Broome and Spring streets, neighboring top-tier fashion brands including Chanel, Ralph Lauren and Prada. Including this acquisition, Thor Equities has nearly 300,000 square feet in the SoHo district, New York City’s fashion retail epicenter.

February 22, 2013

Northeast Retail

MARCUS & MILLICHAP ARRANGES THE SALE OF MATTATUCK PLAZA FOR $12.2M

by admin February 22, 2013

WATERBURY, CONN. — Marcus & Millichap has arranged the sale of Mattatuck Plaza, a 146,930-square-foot shopping center in Waterbury, for $12.2 million. The plaza, located at 670 Wolcott St., was 80 percent leased at the time of sale. Joseph French and Thomas Dalzell of Marcus & Millichap represented the seller, a Boston-based private investment firm, and the buyer, a private investor based in Florida.

February 22, 2013

Mixed-Use Northeast

STAN JOHNSON TO MARKET 1991 BROADWAY IN NEW YORK CITY

by admin February 22, 2013

NEW YORK CITY — The owner of 1991 Broadway in New York City’s Upper West Side has selected the Stan Johnson Company to market the Class A retail condominium. The building, which is vacant, is being offered for $39.5 million. The property is situated on Broadway between 67th and 68th streets and near the new Apple store and TD Bank.

February 22, 2013

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